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Sunday, June 7, 2020

USA in Dire Straits: Coronavirus pandemic, dire economy and social unrest upend US presidential race, despite Trump's positive outlook

 Three concurrent crises scarring the United States - a deadly health pandemic, economic despair and widespread social unrest - have reframed this year's presidential contest and prompted national reflection over racial inequality in America.

Is the country on the cusp of a transformation, or will systemic inequalities exacerbated by the coronavirus crisis persist, allowing alienation and marginalisation to fester?

In weeks, the unprecedented strain has become the focal point of the ferocious White House campaign between US President Donald Trump and Democrat Joe Biden, two politicians approaching the disasters with very different strategies.

Read more: Coronavirus pandemic, dire economy and social unrest upend US presidential race, United States News & Top Stories - The Straits Times

Saturday, June 6, 2020

US Economy: Another drain on the U.S. economy: The long, painful road toward deglobalization

With political leaders and publics rejecting openness in a mannerunlike anything seen since the tariff wars and competitive devaluations of the 1930s.

The byproduct will be not just slower growth, but a significantfall in national incomes for all but perhaps the largest and most diversified economies.

Read more at: 
Another drain on the U.S. economy: The long, painful road toward deglobalization - MarketWatch:

Friday, June 5, 2020

EastMed Gas Pipeline: EU reiterates support for EastMed pipe, urges Turkey to respect international law - by Kostis Geropoulos

The European Union supports the EastMed gas pipeline project as one option of tapping gas supplies from the East Mediterranean for the EU, Peter Stano, lead EU spokesperson for Foreign Affairs and Security Policy, told New Europe on June 5.

“The EU supports the EastMed pipeline project,” Stano said, adding that this pipeline is a Project of Common Interest under the 4th Union List and the related feasibility study receives EU funds. It should be seen as one option of tapping EastMed gas supplies for the EU alongside shipping it to the EU by tankers in the form of Liquefied Natural Gas (LNG), he added.

On June 2, during a webinar, the energy ministers of Israel, Cyprus and Greece as well as US Assistant Secretary of State for Energy Resources Frank Fannon also reiterated their support for the EastMed pipeline.

However, on June 4, Turkey’s President Recep Tayyip Erdogan, meeting Libya’s internationally recognised leader Fayez Sarraj in Ankara, said Turkey would step-up its cooperation with Sarraj’s government,  to drill for natural resources in the East Med based on an agreement on sea borders signed by Turkey and Libya last November.

The EU spokesman reminded that European leaders adopted at the European Council in December EU conclusions clearly stating that a memorandum of understanding signed by Turkey and Libya on the delimitation of maritime jurisdictions in the Mediterranean Sea infringes upon the sovereign rights of third States, does not comply with the Law of the Sea and cannot produce any legal consequences for third States. “The European Council also unequivocally reaffirmed its solidarity with Greece and also Cyprus regarding these actions by Turkey,” Stano said.

The EU spokesperson reminded that on May 15, the EU Foreign Ministers also approved a statement about the situation in the Eastern Mediterranean, “which demonstrates the EU’s unity in supporting Greece and Cyprus and sends a clear signal and a firm message to Turkey that we uphold our principles and interests.” The delimitation of EEZs and continental shelf should be addressed through dialogue and negotiation in good faith, in full respect of international law and in pursuit of the principle of good neighbourly relations, he said. “The most recent escalating actions by Turkey regrettably go in the opposite direction,” he added.

Stano called on all international community members to abide by these principles and refrain from any actions undermining regional stability and security. “The EU and Turkey have a strong interest in an improvement of their relations through a dialogue which is intended to create an environment of trust. We will continue our diplomatic engagement with Turkey to try to steer our relationship towards a cooperative and constructive approach,” the EU spokesperson said.

Greece’s Prime Minister Kyriakos Mitsotakis sent letters on June 3 to the EU Council and Commission presidents protesting over Turkey’s activities in the Eastern Med. “We have seen reports about a letter sent by Prime Minister of Greece Mitsotakis to President of the European Commission (Ursula) von der Leyen,” Stano said. “We will check if the letter has already been received and reply in due time.”

Fannon told the webinar the Turkey-Libya MoU is “provocative” and could cause “instability” in the region. Charles Ellinas, a senior fellow at the Global Energy Center at the Atlantic Council, told New Europe on June 5 it helps that the US State Department has confirmed that islands are entitled to EEZs. This is the obvious outcome of applying the UN law of the seas, UNCLOS, he said. “But this support – by the US and the EU – and cooperation between Israel, Cyprus and Greece will not deter Turkey,” Ellinas said, adding that Ankara is determined to proceed with exploration and drilling in the EEZs of Cyprus and Greece taking advantage of the cessation of drilling activities by the international oil companies due to coronavirus and the crisis that has hit the oil and gas industry. “Turkey is still drilling in Cyprus EEZ, persisting with its East Med dominance plans – despite the crisis – clearly showing that there is no economic basis to its actions,” he said.

“Turkey is capitalising on its maritime ‘agreement’ with Libya, that it entered into specifically for this purpose,” Ellinas said, adding, “This, of course, impacts the rights of Cyprus or Greece to their EEZs and to a certain extent Egypt, but not Israel directly. Turkey is using the Libya deal, drilling in the EEZs of Cyprus and Greece, in order to create facts in support of its claims, perhaps in preparation for eventual negotiations”.

Read more at: EU reiterates support for EastMed pipe, urges Turkey to respect international law | New Europe

Thursday, June 4, 2020

EU - BREXIT: Does the coronavirus crisis make a no-deal Brexit more likely?

On June 23, four years will have passed since the momentous Brexit vote. For more than three of those years, a "no-deal Brexit" perpetually loomed as a distinct and disastrous possibility.

The sting was seemingly taken out of that doomsday scenario last October when British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar struck a deal of sorts on arrangements regarding the British border on the island of Ireland.

That paved the way to the Withdrawal Agreement and on January 31, the UK finally left the European Union.

A one-year transition period up until December 31 meant that 2020 was to be the year in which the truly hard yards were finally walked. The EU and the UK would thrash out the bones of their future relationship and edge towards some kind of normality.

Read more at:
Does the coronavirus crisis make a no-deal Brexit more likely? | Business| Economy and finance news from a German perspective | DW | 04.06.2020

Wednesday, June 3, 2020

US Economy; Complete disconnect between Wall Street and Main Street - by RM

Question, who or what is behind the major disconnect between Wall Street and reality, with stocks going up on the Dow for the past 4 days.Today by even more than 500 points, and this while economies are tanking all around the world, and while as many as 30% of the US workforce remains 
unemployed ?

Some companies obviously are making excessive profits as a result of the present emergency situation, but in no way is Wall Street a reflection of the state of the US economy, as President Trump likes to brag about.

The above is, however another clear indication of the great disparity between "the have and have nots" in the US and has to be remedied by an aggressive and progressive new Democratic government, before it destroys the USA from within.

EU-Digest

Tuesday, June 2, 2020

The Netherlands: Connectedness of the Dutch Economy Leads to Lower GDP Growth Forecast

 In this blog written for IMF Country Focus, the IMF’s mission  brief for the Netherlands, Alfredo Cuevas, explains that this economic integration could signal a slower recovery for the country from the crisis.

The GDP growth forecasts for the Netherlands issued by the IMF in its April 2020 World Economic Outlook (WEO) surprised many, not only for the large negative 2020 number itself, but for it being weaker than some other leading European economies. Let me make some general considerations about orecasting amid today’s immense uncertainties, and then look at the Dutch
economy.

Economists often conceptualize macroeconomic variables, such as real GDP growth, as the sum of a predictable or systematic component and an unpredictable shock. We develop and estimate statistical models of the predictable part and use them to make forecasts.

Read more at: 
Connectedness of the Dutch Economy Leads to Lower GDP Growth Forecast

Monday, June 1, 2020

EU: Lobbyist register to be tightened after Monsanto case - by Nikolaj Nielsen

Updated EU transparency rules set for the end of this year means lobbyists will have to declare much more accurate - and thus likely larger - figures on what they spend to influence EU decision-making.

The figures currently cited in the EU's joint transparency register are widely suspected of being under-reported.

The register is shared between the European Commission and the European Parliament, and lists thousands of companies, consultancies and NGOs that work to influence EU legislation.

The authority that oversees the register recently announced in a letter it would impose clearer rules to make sure lobbyists do not skirt their reporting obligations.

The issue came to a head when pro-transparency group Corporate Europe Observatory complained that the US giant Monsanto had failed to truly declare how much it spent in a campaign to steer the debate around its controversial weedkiller glyphosate.

Read more: Lobbyist register to be tightened after Monsanto case